The post The first international crude oil trade in digital Yuan by PertolChina appeared on BitcoinEthereumNews.com.

China has recently reported on achieving a milestone in its developments on transacting its first international trade on crude oil. In the world of financial investment, a groundbreaking development has been realized as China’s largest gas and oil company, PerthChina uses digital Yuan in its first oil payment.  Digital Yuan, also termed as the Digital Currency Electronic Payment (DCEP) is the digital currency bank of China (CBDC). It is a brainchild of the People’s Bank of China (PBOC) that has followed China’s forefront proceedings on promoting its digital currency as a modernized financial system. This has helped evade the changes of using the US Dollar including regulatory constraints.   Digital Yuan used by PetroChina In a recent report, PetroChina was noted for buying 1 million barrels of crude oil that were settled at the Petroleum and Natural Gas Exchange (SHPGX) in China using e-CNY. PetroChina (0857) is China’s largest petroleum organization.  China Daily reported the organization’s recent developments on the purchase made on October 18. These reports were also confirmed in a newspaper report by the Chinese Communist Party. However, SHPGX did not publicly disclose the value of the deal and kept the identity of the seller concealed as well.  Digital Yuan is being marketed by China in hopes of evading challenges brought by the USD intermediary as well as expanding its interactional reach. As such, the development of the first international purchase of crude oil covers a unique checkpoint for the expansion of the Renminbi.  As of the end of June, e-CNY transactions hit 1.8 trillion, which accounts for $250 billion. This also included 0.16% of the digital assets in circulation The digital Yuan invocation was sparked by China’s move to establish and enhance its financial inclusion in the global economy. Additionally, digital currency is designed to be accessible to…

---

Filed under: News - @ October 23, 2023 8:18 pm